Global aromatic solvents market, By Product (Benzene, Toluene, Xylene, Solvent Naphtha), Application (Paints and Coatings, Adhesives, Printing Inks, Cleaning and Degreasing, Others), End-Users (Pharmaceuticals, Oilfield Chemicals, Automotive, Paints and Coatings, Pesticides, Textiles, Cleaners, Chemical Intermediates, Electronics, Adhesive and Sealants, Perfumes, Cosmetics) - Industry Trends and Forecast to 2030.
Aromatic Solvents Market Analysis and Size
The increase in demand for these solvents from the paint and coating industries due to their high solvency property, as well as their growing popularity, are the primary drivers driving the aromatic solvents market. These solvents dissolve or disperse a wide range of components to produce high-quality pigments, extenders, additives, and binders, increasing their demand. The introduction of severe regulatory rules promoting the investigation of substitutes owing to concerns about the emission of volatile organic compounds (VOCs) and the trend towards non-aromatic solvents, on the other hand, are factors projected to hinder the aromatic solvents market.
Data Bridge Market Research analyses that the aromatic solvents market which was USD 8.32 billion in 2022, is expected to reach upto USD 10.88 billion by 2030, and is expected to undergo a CAGR of 3.42% during the forecast period of 2023 to 2030. “Toluene” dominates the product segment of the aromatic solvents market because of its rapid evaporation rates, it improves the viscosity of adhesive films and is widely employed in adhesive applications.
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Aromatic Solvents Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Benzene, Toluene, Xylene, Solvent Naphtha), Application (Paints and Coatings, Adhesives, Printing Inks, Cleaning and Degreasing, Others), End-Users (Pharmaceuticals, Oilfield Chemicals, Automotive, Paints and Coatings, Pesticides, Textiles, Cleaners, Chemical Intermediates, Electronics, Adhesive and Sealants, Perfumes, Cosmetics)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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China Petrochemical Corporation (China), Exxon Mobil Corporation (U.S.), SK global chemical Co., Ltd. (South Korea), Shell (Netherlands), BASF SE (Germany), LyondellBasell (U.S.), China National Petroleum Corporation (China), Reliance Industries Limited (India), TotalEnergies (France), CPC Corporation (Taiwan), Bharat Petroleum Corporation Limited (India), Chevron Phillips Chemical Company LLC (U.S.), Formosa Plastics Group (Taiwan), HCS Group (Germany), Indian Oil Corporation Ltd (India), Pon Pure Chemicals Group (India), Recochem Corporation (Canada), TOP SOLVENT CO.,LTD (japan), and WM Barr & Co., Inc. (U.S.), among others
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Market Opportunities
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Market Definition
Aromatic solvents are a class of organic solvents primarily composed of aromatic hydrocarbons, such as benzene, toluene, and xylene. These solvents are characterized by the presence of benzene ring structures in their chemical composition. Aromatic solvents are commonly used in various industrial applications, including paint and coatings manufacturing, chemical synthesis, and as diluents in adhesives and sealants.
Aromatic Solvents Market Dynamics
Drivers
- Aromatic Solvents are Essential in the Chemical Industry for Various Processes
The chemical industry relies heavily on various solvents, including aromatic solvents, for a wide range of applications, including synthesis, formulation, extraction, and as reaction media. The global chemical industry is experiencing steady growth, driven by factors such as population expansion, urbanization, and industrialization. As chemical production rises, the demand for solvents, including aromatic solvents, also increases. Many chemical products are solvent-based, and aromatic solvents play a crucial role in their formulation. These products include printing inks, varnishes, and specialty chemicals used in diverse applications.
The growth in the chemical industry is a key driver for the aromatic solvents market due to the versatile and essential role these solvents play in various chemical processes. As chemical production expands to meet the demands of multiple sectors, the demand for aromatic solvents continues to rise, making them a fundamental component of the global chemical industry supply chain.
- Growing Paints and Coatings Industry
Aromatic solvents play a crucial role in the formulation of paints, coatings, and related products due to their unique properties. The construction industry is a major consumer of paints and coatings for architectural applications. As urbanization and infrastructure development continue worldwide, the demand for architectural coatings rises. Aromatic solvents are used as carriers and diluents in these formulations. Aromatic solvents are utilized in specialty coatings, such as wood finishes, marine coatings, and protective coatings for infrastructure. The development of these specialty coatings drives demand for solvents.
The growing paints and coatings industry serves as a key driver for the aromatic solvents market due to the essential role of these solvents in formulation. The industry's diverse applications, including architectural coatings, automotive coatings, and industrial coatings, along with a focus on environmental compliance and product innovation, contribute to the increasing demand for aromatic solvents in this sector.
Opportunity
- Development and Adoption of Green and Bio-Based Solvents
This shift is driven by environmental concerns, regulatory pressures, and a growing emphasis on sustainability. Environmental regulations aimed at reducing the emission of volatile organic compounds (VOCs) and hazardous air pollutants (HAPs) are becoming increasingly stringent. Aromatic solvents are often associated with VOC emissions. The development and adoption of environmentally friendly solvents that are low in VOCs provide a means for compliance with these regulations. The development of new solvent technologies, including bio-based and renewable solvents, offers opportunities for creating environmentally friendly alternatives to traditional aromatic solvents.
The shift to environmentally friendly solvents presents a compelling opportunity for the aromatic solvents market. It aligns with environmental regulations, consumer preferences, and sustainability initiatives, driving the development and adoption of solvents that offer reduced environmental impact and improved health and safety profiles. Companies that invest in the production and promotion of these solvents can position themselves to meet the growing demand for environmentally responsible products.
Restraint/Challenge
- The Availability and Use of Alternative Solvents, Including Non-Aromatic and Bio-Based Solvents
Substitute solvents are alternative chemicals or solvent formulations that can replace traditional aromatic solvents in various applications. Aromatic solvents, such as benzene, toluene, and xylene, are associated with health and environmental risks. As awareness of these risks grows, there is a push to replace them with less hazardous or non-toxic substitutes that pose fewer health and environmental concerns. Green and bio-based solvents derived from renewable sources are gaining popularity due to their lower environmental impact and reduced toxicity. These substitutes are being developed to meet the demand for more sustainable and eco-friendly alternatives.
The shift to substitute solvents presents opportunities for safer, more sustainable, and compliant solutions, it can also pose challenges for traditional aromatic solvent manufacturers. These manufacturers may need to adapt to changing market dynamics, invest in research and development to innovate their product offerings, and potentially face increased competition from substitute solvent producers. In addition, companies may incur costs associated with transitioning to new formulations or processes that use alternative solvents.
This aromatic solvents market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the aromatic solvents market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In April 2022, Solvay developed Rhodiasolv IRIS, a next generation solvent with considerable eco-friendly properties. This solvent, which was formerly manufactured in China, will now be manufactured in the solvay site in Melle, France, beginning in 2023
- In February 2021, Hengyi Industries, according to Honeywell International Inc, provided cutting-edge aromatics advanced from the Honeywell UOP at the petrochemical complex in Pulau Muara Besar, Brunei. The production facility can handle about 200,000 barrels per day. The rising demand for paraxylene in Asia is compelling businesses to invest heavily in innovative technologies that transform basic petroleum into petrochemicals
Global Aromatic Solvents Market Scope
The aromatic solvents market is segmented on the basis of product, application, and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Benzene
- Toluene
- Xylene
- Solvent Naphtha
Application
- Paints and Coatings
- Adhesives
- Printing Inks
- Cleaning and Degreasing
- Others
End-Users
- Pharmaceuticals
- Oilfield Chemicals
- Automotive
- Paints and Coatings
- Pesticides
- Textiles
- Cleaners
- Chemical Intermediates
- Electronics
- Adhesive and Sealants
- Perfumes
- Cosmetics
Aromatic Solvents Market Regional Analysis/Insights
The aromatic solvents market is analysed and market size insights and trends are provided by product, application, and end-users are referenced above. The countries covered in the Aromatic solvents market report are U.S., Canada, Mexico, Germany, Poland, Ireland, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Chile, Rest of South America, U.A.E., Saudi Arabia, Egypt, Kuwait, South Africa, Rest of Middle East and Africa.
Asia-Pacific dominates the aromatic solvents market due to the rise in the use of aromatic solvents in the automotive and construction industries in the region. Europe is expected to witness significant growth in CAGR in the forecast period because of the expansion of chemical sector in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Aromatic Solvents Market Share Analysis
The aromatic solvents market competitive landscape provides details by competitors. details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the company’s focus related to the aromatic solvents market.
Some of the major players operating in the aromatic solvents market are:
- China Petrochemical Corporation (China)
- Exxon Mobil Corporation (U.S.)
- SK global chemical Co., Ltd. (South Korea)
- Shell (Netherlands)
- BASF SE (Germany)
- LyondellBasell (U.S.)
- China National Petroleum Corporation (China)
- Reliance Industries Limited (India)
- TotalEnergies (France)
- CPC Corporation (Taiwan)
- Bharat Petroleum Corporation Limited (India)
- Chevron Phillips Chemical Company LLC (U.S.)
- Formosa Plastics Group (Taiwan)
- HCS Group (Germany)
- Indian Oil Corporation Ltd (India)
- Pon Pure Chemicals Group (India)
- Recochem Corporation (Canada)
- TOP SOLVENT CO.,LTD (japan)
- WM Barr & Co., Inc. (U.S.)
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